CBN To Supervise N70 Bn Government Remittance – NNPC
So, the federal came out on Thursday to announce that some banks who collected money on its behalf were yet to remit them into the treasury single account, TSA.
To clarify its position as it concerns its own affairs, the Nigeria National Petroleum Corporation has come to say that the Central Bank was supervising the remittance of funds to the government totaling $231.8 million, about 70 billion naira from Diamond Bank, Skye Bank and Keystone Bank.
Commercial banks collect grants, taxes, fees and tariffs on behalf of the government and then send them to the TSA.
Some banks have previously been accused of withholding remittances.
NNPC said the money accrued from investments -- $174.4 million, about 53 billion naira with Diamond Bank, $40.7 million, about 12.4 billion in Skye Bank and $16.7 million translates to 5 billion naira in Keystone Bank -- is being remitted to the TSA.
This explanation follows media reports about a court order for seven banks to transfer $793 million, about 241.8 billion naira to the government's coffers immediately.